Delhi’s Khan Market world’s 20th most expensive retail location: Report

Causeway Bay in Hong Kong retains the number one ranking, commanding an annual rent of $2,745 per sq ft

Delhi’s upscale Khan Market has moved up one position to become the world’s 20th most expensive retail location, according to global property consultant Cushman & Wakefield. In its latest report ‘Main Streets Across the World 2019’, the consultant said that Khan market is ranked 20th in the list of the most expensive retail locations with an annual rent of $243 per sq ft.

Last year, Khan market was at 21st place with a rent of $237 per sq ft a year. Causeway Bay in Hong Kong retains the number one ranking, commanding an annual rent of $2,745 per sq ft. New York’s Upper 5th Avenue is at second position ($2,250 per sq ft), followed by London’s New Bond Street ($1,714 per sq ft) and Avenue des Champs Elysees in Paris ($1,478 per sq ft).

Via Montenapoleone in Milan, Italy ranks fifth with an annual rent of $1,447 per sq ft, the report said. The rankings are based on rentals during the second quarter of 2019 calendar year. The Cushman & Wakefield report tracked 448 locations across 68 countries. On the India market, the report said that “rental trends over the past year have largely been pointing upwards, with the lack of availability in the best shopping malls pushing more brands to seek out prominent, high footfall locations in the main commercial corridors”.

While high street rents in the bigger cities of Mumbai, Delhi-NCR and Bengaluru have experienced only marginal increases, other cities such as Chennai, Pune and Kolkata, which have a more vibrant high street culture, have recorded much stronger rental uplift, it added.

Vendors fill tea cans from train toilet, fine on contractor

A fine of Rs. 1 lakh has been imposed on a vending contractor by the Indian Railways after a video showing some vendors purportedly filling tea and coffee cans from inside a train toilet surfaced.

The video of the incident that took place in December 2017 in the Charminar Express, at Secunderabad(Telangana) station, shows some vendors coming out of a train toilet with the cans, suggesting that the water was mixed in the cans inside the toilet.

The vendors in question, who were unauthorised hawkers, were engaged by platform catering stalls.

One of the vendors, employed by contractor P. Sivaprasad, following an inquiry by Railways authorities, revealed that they were only transferring the leftover beverage in the toilet to sell it in their respective platform stalls.

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Claiming that there was no mixing of toilet water in the cans, he further said that they did so in the toilet to avoid public gaze.

Meanwhile, the Commercial Department of the South Central Railways termed it a 'wrong practice' while advising the IRCTC to levy a penalty against the Train Side Vending Licensee Sivaprasad.

"However, the very fact that the Tea/Coffee cans were seen brought out of the toilet, is in itself a wrong practice. Therefore, IRCTC is advised to levy a penalty of Rs. 1, 00, 000/- against the Train Side Vending Licensee, Shri P. Sivaprasad, as this contract is now with IRCTC," said the statement.

ARTICLE SOURCE : BUSINESS STANDRAD